Spanish GDP shrinks less in second quarter

SPAIN’S GDP contracted by 0.1 per cent in the second quarter, an improvement from a 0.5 per cent downturn in the first quarter, according to data from the Bank of Spain today.

The new figures showed that strong exports have boosted the struggling Eurozone economy, although not enough to bring it out of recession.

The country’s central bank forecasts annual growth of -1.8 per cent.

The European Commission said earlier this month that Spain’s rescue programme remains on track and there is currently no need to inject extra cash into the banking sector despite the country’s challenging economic and fiscal situation.

 

SPAIN’S rescue programme remains on track and there is currently no need to inject extra cash into the banking sector despite the country’s challenging economic and fiscal situation, the European Commission has said. - See more at: http://www.cityam.com/article/european-commission-insists-spain-does-not...
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